Suppose that each individual (and not each household) maximizes the following utility function: t=0et[lnct+1b(1lt)1],b>0,>0 a) Consider the 1-period model. State the individual maximization problem, find the first-order conditions for consumption and labor, and indicate how the wage affects labor supply. Note: It is not possible to isolate I in this problem. b) Consider the 2-period model and assume no uncertainty. State the individual maximization problem, find the first-order conditions of labor supply in both periods, and indicate how the relative labor supply is affected by the relative wage and the interest rate. Suppose that each individual (and not each household) maximizes the following utility function: t=0et[lnct+1b(1lt)1],b>0,>0 a) Consider the 1-period model. State the individual maximization problem, find the first-order conditions for consumption and labor, and indicate how the wage affects labor supply. Note: It is not possible to isolate I in this problem. b) Consider the 2-period model and assume no uncertainty. State the individual maximization problem, find the first-order conditions of labor supply in both periods, and indicate how the relative labor supply is affected by the relative wage and the interest rate